The United States is the world's biggest economy with a domestic product (GDP) of $13.8 trillion in 2007, followed by Japan at $4.4 trillion. China is now the third largest economy in the world.

According to the IMF's World Economic Outlook, the world economy is 'entering a major downturn' in the face of 'the most dangerous shock' to rich-country financial markets since the 1930s.

IMF expects global growth in terms of purchasing-power parity, to come down to 3 per cent in 2009. Check out the top 10 economies of the world and how the recession has hit these super powers.

United States

The United Stated with a GDP of $13.8 trillion is the world's No.1. The US economy grew in the first quarter by 1 per cent.

However, the recession has battered the economy. By June 2008, the economy fell into a recession.

In the third quarter of 2008, the GDP shrunk by 0.5 per cent, the biggest fall since 2001. The 6.4 per cent fall in spending during Q3 on non-durable goods, like clothing and food, was the largest since 1950. About 2.6 million Americans lost their jobs in 2008, the worst since the end of World War II.